S. 1728 — Introduced in Senate

II 119th CONGRESS 1st Session S. 1728 IN THE SENATE OF THE UNITED STATES May 13, 2025Mr. Cassidy introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions A BILL To amend the Employee Retirement Income Security Act of 1974 to expand the membership of the Advisory Council on Employee Welfare and Pension Benefit Plans to include representatives of employee ownership organizations. 1. Short title This Act may be cited as the Employee Ownership Representation Act of 2025. 2. Expansion of the ERISA Advisory Council (a) In general Section 512(a) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1142(a)) is amended— (1) in paragraph (1)— (A) by striking fifteen members and inserting 17 members; and (B) by striking eight members and inserting 10 members; and (2) in paragraph (3), by inserting two shall be representatives of employee ownership organizations; after pension plan;. (b) Effective date Not later than 1 year after the date of enactment of this Act, the Secretary of Labor shall nominate the first 2 representatives of employee ownership organizations authorized to serve as members of the Advisory Council on Employee Welfare and Pension Benefit Plans under section 512(a) of the Employee Retirement Income Security Act of 1974 (29 1142(a)), as amended by subsection (a).